<img src="https://certify.alexametrics.com/atrk.gif?account=YiINr1zDGU20kU" style="display:none" height="1" width="1" alt="">

AcctTwo Blog

How to Make Digital Transformation Stick

Digital TransformationThe concept of "Digital Transformation" using technologies like Artificial Intelligence (AI), Robotic Process Automation (RPA), and Blockchain can be overwhelming for any organization to sort through, much less implement an adoption strategy for.

As an example of the difficulties organizations have had with digital transformation, a recent Gartner survey shows that even though companies have made data and analytics a priority in recent years, 91% of companies don't feel that they've reached a "transformational" level of maturity in that area. Companies are eager to embrace the potential of integrated technologies and analytics, and they recognize that in many industries digital transformation is essential for remaining competitive. The problem is that wanting to change and actually transforming can be miles apart.

Digital transformation has to be more than a statement of intent if it's going to have any meaningful impact. Companies must embrace and ingrain the concept in order to evolve into something sleeker, smarter, and stronger. Here are some strategies to help that happen:

1 - Start with More Established Technologies

Instead of setting your organization's sights on implementing an Artificial Intelligence strategy across your enterprise, start with more attainable goals, like identifying processes to automate in sales, finance, and operations that can save time, eliminate duplicate data entry and reduce errors. These technologies are accessible for midsize organizations today.

2 - Think Bigger Than IT

Digital transformation may be driven by technology, but it's an enterprise initiative. It should be the centerpiece of a company's long-term strategy and be managed as such. IT will play a big role, but stakeholders top to bottom will feel the ultimate effects. Instead of making the digital transformation the sole responsibility of the IT team, direct it from the C-Suite down.

New call-to-action3 – Create a Digital Culture

Digital transformation isn't just about adopting new tools. It's really about adopting new approaches to work. Automation makes it possible to be vastly more productive, efficient, and effective, which has implications for everyone's day to day responsibilities. Fostering a culture where AI and other data-driven tools are seen as advantages ensures that everyone is on board with digital transformation.

4 – Address Employee Anxieties

When employees learn a company is going to embrace automation they become understandably anxious about their jobs. Automation is still widely seen as a replacement for human labor, but employees should understand it's actually an enhancement. By addressing concerns about layoffs and emphasizing the shared potential of a digital transformation, employees are much more likely to embrace the change.

Regardless of how well companies prepare for digital transformation, the fate of the project really rests on the technology. If a company chooses to rely on confusing, complex, and cumbersome tools, users will quickly come to resent and reject them.

That's why so many companies are transforming accounting and finance using Sage Intacct. It provides the across-the-board upgrade companies require. Yet it makes advanced analytics and sophisticated data management tools accessible to all. It also provides organizations with a foundational system that will incorporate the newest technologies when they're ready for use.

When you're ready to plan for your own digital transformation, rely on AcctTwo for expert guidance.

Topics: Finance Transformation Digital Transformation